- Helping Those With Disability > Assisting the Caregiver
Assisting the Caregiver
As parents of a dependant with a physical or intellectual disability one of your biggest worries is what will happen after you’re gone and no longer able to care for him or her. Will their quality of life be maintained? Are you confused as to how you can provide the money for the things your dependant will want or need without disqualifying them from other support programs? How can you ensure that your wishes are carried out when you are no longer around to guide the process? So many questions and concerns with so few answers.
At Transitions Wealth Strategies we have seen and experienced the need. We understand the emotions and concerns and as such have uniquely focused a part of our professional practice solely on providing disabled individuals and their caregivers with knowledgeable help. We know of no other organization that comprehensively develops and implements solutions and strategies to ensure your loved ones with special needs are well looked after.
Our goal is to assist caregivers in providing the financial resources to ensure the goals, dreams and visions they have for their dependant become a reality.
Following are brief descriptions of some of the areas we touch on as we look after your needs...
ODSP Preservation
Many of our "Transitions Life Plans" are first based upon maintaining the dependant's eligibility for ODSP benefits. Maintenance of the ongoing income support and medical prescription and dental care are often crucial now and in the future. More Info..
Disability Expense Trust
A "Disability Expense Trust" can be created by the person with the disability to receive proceeds from insurance or an inheritance. The Trust can hold up to $100,000 in funds without jeopardizing eligibility for ODSP. Payments out of the Trust to your dependant are considered exempt income if they are used for disability related expenses; payments for other needs are limited by the ODSP income rules. More Info..
Henson Trust
The creation of an absolute discretionary Henson Trust is often our preferred method of creating assets to support your special needs dependant after you are gone. If managed correctly, a Henson Trust will not impact ongoing eligibility for ODSP benefits. More Info..
RDSP
The Registered Disability Savings Plan (RDSP) has recently been created as another means to facilitate savings to support your special needs dependant. Similar to the Registered Education Savings Plan (RESP), that has been in existence for some time, an RDSP receives contributions from parents, grandparents or others and these contributions are supplemented by government grants in accordance with the RDSP rules and regulations. The funds in the RDSP are invested and grow on a tax deferred basis until withdrawal by the disabled beneficiary of the Plan. More Info..
Wills and Powers of Attorney
Having updated Wills and Powers of Attorney in place is essential to the implementation of your "Transitions Life Plan" to provide for the financial security of your special needs dependant after you are gone. More Info..
Your Trustee
Once Transitions Wealth Strategies works with the Caregivers to establish the financial resources necessary to secure their goals for their disabled dependant's ongoing lifestyle, the next concern is how best to establish ongoing guardianship of these funds on behalf of their dependant once the Caregivers are gone. More Info..
Charitable Giving
Having a special needs child usually gives cause for the Caregiver to use the support programs provided by the organizations aligned with the disability afflicting their child. These organizations provide advice, emotional and sometimes funding support for the disabled child, the Caregivers and associated research. More Info..
